Today property owners have a few options when it comes to how we sell our house. There’s always the more traditional route – sell your home with a realtor. But who are all these “we buy houses” , “sell your house fast for cash” or “we buy houses as-is” ? And then you have Opendoor, and Offerpad. It’ so confusing isn’t it? We are constantly bombarded with their marketing, whether it’s through the annoying phone calls, bandit signs, or postcards. Who are these guys anyway?
Well, let me break it down for you.
Realtors: We all know one. There’s an abundance of them. Realtors can be a great resource when it comes to selling your home. Not only can they accurately price your home they can usually get you top dollar for your home. This is largely due to the exposure they offer and the larger pool of buyers bidding on your home. But what if you don’t necessarily need top dollar? What if you need to sell your house fast? What if you need to sell your house for cash? What if you aren’t interested in showings, finance contingencies, or making any repairs? What if you have tenants in your property?
“We Buy Houses” guys. I call them this because THEY ARE EVERYWHERE!!! I see them on bandit signs, they call me constantly, and I’m forever getting their mailers. There are two kinds of “We buy houses fast for cash” guys.
- They are larger companies
- Individual investors
Most of the time it’s a company that has employed free lancers to answer or make calls for them. They are also hoping to purchase your home without a realtor involved. They will gather your info and usually pass it along up their employee chain. They also will never lose your number and will be constantly in touch.
If it’s an individual its usually a flipper/investor. This type of buyer is looking to either do the repairs necessary and resale it or sell it to another investor all together. There shouldn’t be any commission or fees charged with an individual (unless they are licensed). With an investor the closing fees can be negotiated. They can be easier to work with but you want to make sure they are legit. Here are some common questions you can ask.
- How long have you been in the business?
- Are you licensed?
- Are you closing on my property or selling it to someone else?
- Do you have any references?
These are just a few questions to get the conversation started.
Opendoor and Offerpad: Both are larger IBuyer companies. They will typically give you an initial offer after you give them some basic information. Then you’ll submit some video/pictures of the condition of the home. They can and most of the time will change their initial offer price after reviewing the condition of the property. The good thing about selling to them is they are fairly quick for closing and you don’t have to worry about showings or doing any repairs. They also have the option to work with their in house agents. I recommend going to their sites to get additional information. Which leads me to the downside of working with either company. The fees. Both companies charge about 5-6% for service fees and/or commissions. And you’ll also be on the hook for closing costs.
There are pros and cons with everything. The best thing you can do is your own research. Find out what is most important to you. Is it the speed of selling? Is it to get the most money? Whatever it is ask your questions so you have the knowledge to proceed!
At Particular Properties we are happy to answers any questions you have about selling your house fast, for cash, or with an agent!
Call Today! 407-721-6898